When it comes to hunting the best overseas money transfer deals, it seems that millennial men, amongst all the demographics, are desperate to stay ahead of the game.
Data from The Money Cloud reveals that a surprising 63% of all site visitors are male; accounting for nearly two thirds of all traffic; and that just over 40% of all visitors are aged between 25-34; meaning millennial men really do aspire to be society’s hunter-gatherers when it comes to scouting money transfer deals.
Today, almost all of us use the internet to search for the best money transfer deals. Thanks to the rise of cheaper, faster money transfer services, like TransferWise, or knowledgeable brokers, such as Effective FX, and of course, Overseas Money Transfer Comparison services like The Money Cloud, which aggregates all of these service providers and more, it’s never been easier to find the best deal for your international money transfer needs.
Comparing The Genders – Women Hunt More Efficiently Than Men
Whilst in 2018, more males have visited The Money Cloud’s unique price comparison site where anybody can compare the prices of sending money overseas in seconds, females, the data seems to suggest, are the more efficient deal hunters.
On average, women spent less time locating the bargain that best suited them than men; 1 minute and 13 seconds, as compared to men, who deliberated for a significantly longer period of 1 minute and 59 seconds – almost twice as long!
Women also only found it necessary to visit an average of 2.67 pages to find their money transfer provider, whilst men visited 3.04 pages.
It seems that, whilst men are doing the lion’s share of the bargain hunting, women seem to know better where, and how, to look.
When It Comes To Search, Millennials & Baby Boomers Have Most In Common
Millennials have used The Money Cloud for their money transfer needs the most in 2018, the data reveals, with Generation Y, the 18-24-year olds, the next most. But unlike Generation Y, whose attention span only holds for just over a minute, (1.04 to be precise), Millennials like to take their time, spending well over 2 minutes (2.07) per visit to the site.
The only generation to spend longer studying the form than Millennials, are the Baby Boomers, who really do like to take their time, spending 2 minutes 24 seconds looking at deals, and studying more than 4 different options, whilst Millennials look at 3.
Millennials and the Baby Boomers are often seen as similar, and both clearly look for their overseas money transfer bargains in the same fashion, too.
It’s probably unlikely that Millennials and Baby Boomers are sending money abroad for the same reasons, however. Millennials, for example, are more likely to be paying for stag or hen-do’s abroad, overseas weddings, extended trips abroad, or billing companies whilst practising being “Digital Nomads”; travelling whilst freelancing for UK based clients.
Baby Boomers are more likely to be paying a mortgage on a property abroad, buying an overseas property outright, or paying for their children or grandchildren’s tuition abroad. These, along with sending money to family or loved ones based overseas, have been found to be amongst the most popular reasons for making an overseas transfer.
Bargain Hunters & Techno Geeks Are Most Avid Hunters
The Money Cloud’s analysis suggests that shoppers and value shoppers are the most frequent searchers for overseas money transfer sites – clearly driven by the recent revolution in money transfer technology which has made it easier, faster, and most of all cheaper to make an overseas money transfer.
The next most frequent searchers are technophiles, adding further fuel to the theory that “disruptive” money transfer service providers, as opposed to using a bank or offline exchange such as Western Union, are the future of money transfer.
After value shoppers and techno-geeks, the next biggest groups of searchers are news, politics and entertainment junkies (who most likely make regular trips abroad to keep up with the latest trends), sports and fitness fans, and green living enthusiasts.
Perhaps predictably, of these, the value shoppers and business professionals look at the most options, with business professionals also spending longest onsite.
* Data collected from Google Analytics based on visitors to The Money Cloud site. Dates from 1st January 2018 to 1st March 2018.